If President serious about oil renegotiation China is an ace — GHK Lall — Opinion

If President serious about oil renegotiation China is an ace

September 23, 2026·3 min read

Published in

Kiskadee Watch ·Sep 23, 2026

Dear Editor.

If President Ali and Vice President Jagdeo are truly serious about contract renegotiations, they have an ace. It’s Guyana’s China card. China wants something. Exxon (America) wants something. Guyana wants something. I repeat if the Ali-Jagdeo led PPP Government is really committed to exploring every avenue to get Exxon to the renegotiation table, the China card waits. To be used skillfully. It hinges on one flagpole. President Ali and VP Jagdeo are dedicated heart and soul to doing whatever is required to bring Exxon around to more for Guyana.

There’s a question in two parts. Is President Ali, VP Jagdeo, all about doing better for this country, or doing what’s best for the People’s Progressive Party? Doing what’s best for the PPP means doing absolutely nothing that worries Exxon. Guyanese should see through this farce about ‘sanctity of contract.’ It’s supposed to be the perfect shield for the PPP of Ali and Jagdeo. Hold sanctity of contract aloft (like a formidable, impenetrable shield) and the battle is over. But the contract itself has that soft spot: once one of the parties wants to talk, the other must meet and listen. The negative is that Drs. Ali and Jagdeo are so mortally fearful that they distance from that contract opening. The casualties could be too costly. The first would be the PPP. And, by tarnation, that will not be risked, not even whispered.

Now, I retrieve the central thrust of today’s public service. If Ali and Jagdeo are sincere about a level oil playing field, then they will explore and maximize the China option. This shouldn’t be initiated by Guyanese nonentities (like me). Guyana’s Foreign Ministry should already have constructed its approach to China. Some may say that seeking to drive a wedge between CNOOC and Exxon is improper. I counter. What did Washington do in Caracas to extract Maduro, achieve its objectives? Precedent and practice; there’s Guyana’s blueprint. Try another piece of evidence that could be helpful to the Guyana Government’s position (if such is honest).

Exxon had insisted on silence relative to the amount of new oil in eight recent discoveries. Exxon announced the discoveries.^[1] Then, Exxon renounced any association with new quantities of oil found. Enter CNOOC, consortium member. When Exxon was secretive, CNOOC was informative: 746,000 barrels reported in its company documents from one of the eight new discoveries.^[2] The Chinese were open when the Americans shuttered communications about new barrels of oil. I wrote of this in KN in March 2024. The American push to get China out of Guyana was not pronounced then. Today, it is.

I assert, therefore, that the PPP Government would be treachery itself, if it were not to interpret China’s past independent action (746,000 barrels from Bluefin) as prioritizing its own interests first. Guyana’s national interests mandate that the Guyana Government, Guyana’s leaders, and Guyana’s Foreign Ministry take a page out of America-in-Venezuela book and pursue what holds immense benefits for the Guyanese people. This isn’t about nationalization of oil. Or abandoning America. It’s about using the American tactic of divide and rule to Guyana’s advantage. It may be about waving a red flag before the Exxon bull. It would be a Guyana peace pipe shared with China. If I were CEO Darren Woods, and in the spirit of the authentic partnership he extols, he could throw Guyana a few slices out of its own oil pie. Ringfencing. Taxes at 10 percent. Other knickknacks. Wouldn’t cost Exxon much. Why be as greedy as Midas? Why resemble a groper and predator than a father and partner?

There’s a crippling handicap in all this. Does the PPP want this? The PPP Government has repeatedly demonstrated beyond any doubt that its only priority is this. Stay in power, whatever has to be sold, sacrificed, surrendered.

Sincerely,
GHK Lall

References

ExxonMobil Announces Two New Guyana Discoveries :: Exxon Mobil Corporation (XOM) — investor.exxonmobil.com ↩
Guyana to remain CNOOC’s main source of production growth - 2024 Annual Report reveals - Kaieteur News — kaieteurnewsonline.com ↩

Guyana to remain CNOOC’s main source of production growth - 2024 Annual Report reveals - Kaieteur News

kaieteurnewsonline.com · 2025-04-20

Guyana to remain CNOOC’s main source of production growth - 2024 Annual Report reveals - Kaieteur News ## Guyana to remain CNOOC’s main source of production growth – 2024 Annual Report reveals Apr 20, 2025 News With over 11B barrels of oil reserves… Kaieteur News- With over 11B barrels of oil discovered to date in Guyana’s Stabroek Block, the country will remain a main source for reserve and production growth for China National Offshore Oil Corporation (CNOOC). CNOOC is the 25% shareholder in the Stabroek Block operated by ExxonMobil Guyana Limited (EMGL), which holds a 45% stake. Hess Corporation holds the additional 30% shares in the oil-rich block. In its 2024 Annual Report, CNOOC described 26,800 square kilometers block as one of the global exploration hotspots in recent years. The Stabroek Block offshore Guyana is located in the northeast of the country, with a water depth of 1,600 to 2,000 meters. In its report, CNOOC said, “In 2024, the discovery of Bluefin was made in the Stabroek block ultra-deep-water. Currently, nearly 40 new discoveries have been made in the block and the total recoverable resources in the block amounted to exceed 11 billion barrels of oil equivalent (BOE) as disclosed by the operator.” To this end, the Chinese oil company stated, “In the future, Guyana will remain as one of the Company’s main sources of reserve and production growth.” Guyana’s true oil reserves have been the subject of debate over the past few months as the government’s figure varied from Exxon’s announcement by at least 600 million barrels. The Ministry of Natural Resources in August 2024 finally provided a resource update after two years, indicating that the country’s reserves grew by 600M barrels, bringing the total Stabroek Block reserves to 11.6B. ExxonMobil at a later press conference in October last year disputed the figures released by government and provided its own resource estimate. It was the company’s Country Manager, Alistair Routledge who informed reporters that the Stabroek Block reserves are less than 11 billion barrels. He said, “The government released a number of 11.6B oil equivalent barrels, ExxonMobil’s estimate is lower than that number…our number remains a little under 11 billion oil equivalent barrels.” In explaining the variation between Exxon’s figures compared to the reserves announced by government, Routledge noted that the state conducts independent studies, although it is supplied with data by the company. Currently, Guyana’s Stabroek Block is producing an average of 650,000 barrels of oil daily from three Floating Production Storage and Offloading vessels (FPSOs). Liza One is currently producing about 150,000 barrels per day (bpd) while Liza Two and Payara are each producing an average of 250,000 barrels daily. Government on Tuesday announced the arrival of a fourth FPSO, One Guyana, which will add another 250,000 barrels to the country’s daily production capacity. This means when the vessel is fully operation, Guyana will be producing 900,000 bpd. Installation activities are presently ongoing to prepare for first oil at the project, which is expected to commence in the fourth quarter of this year as previously indicated by the president of ExxonMobil Guyana. Feel free to send us your comments and/or criticisms. Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491. Or by Email: glennlall2000@gmail.com / kaieteurnews@yahoo.com GUYANA 24 Saffon Street, Charlestown, Georgetown, Guyana Editor-in-chief Kaieteur News: Tel: +592-225-8482. Switchboard: +592-225-8491, +592-225-8452. Email: kaieteurnews@yahoo.com Radio Dept.: +592-225-8465, +592-226-8210, +592-226-7455 Radio Whatsapp/SMS: +592-622-2222 Email: radiokaieteur@gmail.com ________________________ USA Teshawna Lall: (347) 247-3198 Dominic Chandra: (347) 599-6426 Email: kaieteurnewsny@gmail.com

ExxonMobil Announces Two New Guyana Discoveries :: Exxon Mobil Corporation (XOM)

investor.exxonmobil.com

ExxonMobil Announces Two New Guyana Discoveries :: Exxon Mobil Corporation (XOM) ... # ExxonMobil Announces Two New Guyana Discoveries ... - Third quarter production grew to approximately 360,000 barrels a day; one million barrels a day targeted by 2030 - Third major development on schedule for 2023 start-up - More than 30 discoveries in the Stabroek block since 2015 ... IRVING, Texas--(BUSINESS WIRE)-- ExxonMobil today announced two discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, adding to its extensive portfolio of development opportunities. ExxonMobil has made more than 30 discoveries on the block since 2015, and it has ramped up offshore development and production at a pace that far exceeds the industry average. ... ExxonMobil’s first two sanctioned offshore Guyana projects, Liza Phase 1 and Liza Phase 2, are now producing above design capacity and achieved an average of nearly 360,000 barrels of oil per day in the third quarter. A third project, Payara, is expected to start-up by the end of 2023, and a fourth project, Yellowtail, is expected to start-up in 2025. ExxonMobil is currently pursuing environmental authorization for a fifth project, Uaru. By the end of the decade, ExxonMobil expects Guyana’s oil production capacity to be more than one million barrels a day.